Saudi billionaire to buy $2bn stake in Bank of China

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PRINCE Alwaleed bin Talal, the Saudi billionaire, is poised to buy a $2 billion (£1.1 billion) stake in Bank of China, after the bank yesterday priced shares for its float in June at the top end of expectations.

Prince Alwaleed, chairman of Kingdom Holdings, owns $11 billion of shares in Citigroup, the world’s biggest bank, and also has investments in Eurotunnel, the Channel Tunnel operator, and Disney.

Ahmed Halawani, the chief executive of Al Azizia Commercial Investment Company, which arranged the deal, said: “Prince Alwaleed is interested in buying a stake worth $2 billion in the Bank of China. We